Comparison of Chase Bank and Wells Fargo
Chase and Wells Fargo are two large banks that offer various business banking and lending services. Wells Fargo has appealing business lines of credit that come with rewards that can help you save money. Chase offers a wider variety of loans, including commercial property financing.
To help you evaluate whether Chase or Wells Fargo is the better choice, we’ve done a side-by-side comparison of several popular accounts. Wells Fargo comes out ahead due to its options for teens and customers who don’t qualify for standard accounts. Chase suits those wanting premium travel perks and rewards, despite annual fees, while Wells Fargo is better for simple, no-fee cash-back cards.
Chase vs. Wells Fargo: Account Features
- With 3,000 more ATM locations than Wells Fargo, reduced fees, and a wider variety of welcome bonuses, Chase is a better option for most customers.
- Wells Fargo‘s Platinum savings account is slightly higher than Chase‘s savings account.
- Wells Fargo has over 5,400 branches, edging out Chase‘s network of roughly 5,000 branches.
- Wells Fargo’s checking and savings accounts generally have lower monthly fees than Chase‘s.
Account Types and Features
Chase Account Features
- Chase Secure BankingSM: $4.95 monthly fee
- Free money orders and cashier’s checks
Wells Fargo Account Features
- Wells Fargo Clear Access BankingSM: $5 monthly fee
- Charges $5 for money orders and $10 for cashier’s checks
- Options for waiving fees on checking accounts
Summary of Financial Performance
In terms of net income margin and debt-to-equity ratio:
- JPMorgan Chase: Net income margin at 35.98%
- Bank of America: Net income margin at 31.52%
- Wells Fargo: Net income margin at 24%
Additional Information
- Wells Fargo accounts are FDIC insured up to $250,000 per depositor.
- Wells Fargo offers lower fees on checking accounts and more options for waiving fees.
- Wells Fargo is a financial service for high-net-worth individuals that demand customized financial solutions.
Conclusion
Neither Chase nor Wells Fargo stand out as amazing banks, they are very large, and both have extensive coverage across the United States with basic accounts that are reasonable for day-to-day banking. Chase is likely a better choice for CDs, while Wells Fargo has equally manageable checking options.
Additional Insights
- Customers who prefer traditional banking and keep lower balances in their checking accounts should consider choosing Wells Fargo.
- Chase is listed among the best national banks by Insider.
Note on Bank Assets
- JPMorgan Chase & Co is ranked in the top ten for all Global Investment Banks with assets worth $3.39 trillion.